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xAI raised $6.6 billion in funding in 2024, and this week completed a $20 billion Series E funding round. However, according to Bloomberg reports, it has burned through $7.8 billion in just the first three quarters of 2025, roughly estimating that $10.4 billion was spent on AI for the entire year of 2025.
In comparison, this week MiniMax and Zhipu, which just went public in Hong Kong stocks, have market values of approximately $23 billion and $9 billion, respectively. This is equivalent to xAI burning through the entire Zhipu in one year.